# Demographics → FO Index (fo_index)

| Variable | FO (Z only) | FO (Z+ctrl) | FO (Z+ctrl+int) |
|:---|---:|---:|---:|
| Z_1 | 2.9100*** | 3.4152*** | 3.6056*** |
| | (0.3695) | (0.4517) | (0.4522) |
| Z_2 | -0.4413*** | -0.5314*** | -0.6276*** |
| | (0.0587) | (0.0696) | (0.0704) |
| Z_3 | 0.0179*** | 0.0221*** | 0.0282*** |
| | (0.0025) | (0.0029) | (0.0030) |
| fiscal_bal_gdp | | 0.0009 | 0.0010 |
| | | (0.0007) | (0.0006) |
| nfa_gdp_lag | | 0.0065 | 0.0035 |
| | | (0.0057) | (0.0056) |
| rgdp_growth | | 0.0001 | 0.0001 |
| | | (0.0004) | (0.0004) |
| log_rel_opw | | 0.0468*** | -0.0009 |
| | | (0.0167) | (0.0165) |
| Z_1_x_kaopen | | | -0.0022 |
| | | | (0.2218) |
| Z_2_x_kaopen | | | 0.0319 |
| | | | (0.0342) |
| Z_3_x_kaopen | | | -0.0025* |
| | | | (0.0014) |
|:---|---:|---:|---:|
| N | 7608 | 4658 | 4541 |
| R² | 0.0170 | 0.1207 | 0.2349 |
| Countries | 160 | 153 | 149 |

*Standard errors in parentheses.*
*\*p<0.1, \*\*p<0.05, \*\*\*p<0.01*